Vascon Engineers Plummets 20% Cancels Proposed Allotment

Vascon Engineers plummeted 20% in Monday’s early morning trade and was locked in its lower circuit of Rs 45.45, post the cancellation of a proposed preferential allotment.

The company in its filling said that, "Due to certain differences between the company and the proposed investors, both parties have decided to terminate the arrangement. Accordingly, the company has cancelled proposed preferential allotment of Compulsorily Convertible Debentures to the proposed investors.”

The construction engineering company had earlier proposed preferential allotment of fully Compulsorily Convertible Debentures to Vinco Rosea Farms and Properties LLP and Manan Finserve Private Limited.

The stock on the NSE has delivered 63% return in a period of one year and has outperformed the BSE Small Cap and Nifty Infrastructure.

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